The Sy family, the richest family in the Philippines, owns SM Investments Corp., one of Southeast Asia’s biggest conglomerates with interests in shopping malls, real estate, banking, hospitality and mining. The Sy family’s estimated net worth is over $17 billion.
Founder Henry Sy moved to the Philippines from China as a child. After working in his family’s convenience store, Henry opened his own Manila shoe store in 1958, named Shoemart.
Over the next 20 years, Henry grew the store into a chain of stores known as SM shopping malls. Henry’s daughter, Teresita, would open one of the Philippines’ largest department stores in 1979.
Regarded as the richest person in the Philippines for 11 consecutive years, Henry Sy passed away in January 2019, leaving his business empire to his six children.
Henry Sy’s daughter, Teresita Sy-Coson, serves as chair of BDO Unibank and heads the family’s business interests. Teresita’s sister, Elizabeth, oversees the family’s tourism and hospitality operations, while brother Henry Sy, Jr., manages property development.
Henry’s son, Hans, heads the Group’s strategy sector, while his other son Herbert manages the family’s supermarket operations.